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? >> all right. have we not been lulled into -- you know, anything bernanke does now doesn't shock us or surprise us. isn't this extraordinary? >> you know, a few years ago, there were all kinds of things that i would v never happened. now if people ask me if such and such is possible, i say anything is possible. >> one of the things that i did think immediately yesterday was ben bernanke may not have this job in two years, right? people talk about that. he may decide he doesn't want to do it. >> he was asked about it. >> but he may ultimately be locked in. he may be locking in his successor and his successor after that into this type of thinking and this type of program. how hard is it to get out of this later? >> it is going to be extremely hard to get out of this, regardless of who the leader is, because, again, it is now -- you know, this is no longer an extraordinary measure. you did this during the emergency and then it's time to get out. now we're -- you know, we're in a bit of a quasi equilibrium here and this is how we're running monetary policy now. so to now being doing a r
on specific spending cuts. joining us now for analysis, tony fratto, of hamilton place strategies and former white house press secretary and gerald bernstein former economic adviser to vice president joe biden. gentlemen, thank you for being here with us and getting this special day of coverage kicked off for us. >> rising early and rising above. >> exactly. let's talk about this. jared, it seems like things have gotten quieter. do you think that's the case? is that a good sign? >> i think it's probably a pretty good sign. if you look at this morning's papers, you see a number of articles suggesting that there's a bit more compromise in the air. my concern is that tomorrow's papers may say the opposite. so interestingly, there's been some pretty leak free discussions going on, which i actually think is a good thing. they're obviously big, outstanding questions. you mentioned the tax rate issue. one question i keep coming up against is the president and john boehner are now supposedly having good, substantive discussions. can boehner bring the troops along? if he agrees with the president, ca
guy. >> he's a good guy. >> ed is going to try to make us slightly -- >> be a little sensitive. let's get you some some of the morning headlines. the biggest one being president obama planning to meet with congressional leaders at 3:00 p.m. eastern time today in a last ditch effort to avoid the fiscal cliff. the house majority leader eric cantor is now telling members to be prepared to work through january 2nd. both sides still far apart, however, on taxes and spending cuts. senate majority leader harry reid says prospects for a deal by monday are still unlikely. there was a lot of movement, motion for not a lot of action. >> where were you yesterday? >> i was here. we were together. >> were we ever with our -- no. but there were duelling senate leaders just -- first mcconnell came on. and he said -- did you see either one of those? >> i did. >> did you see harry reid? >> there's no chance of -- >> but if you think -- i want to rise above. there was so little of anything close to that yesterday other than just the -- i mean, people at home must be like, it's the endless blaming and
, and jamie dimon. look at that -- >> in addition we have jerry webb. make us all -- the rest of us feel -- >> we have one -- >> you're an economist or something? you play on to have -- you can think about the 12-12-12 thing in the meantime because you're good at math. >> yeah. all that stuff. >> all right. >>> as we move closer to the edge of the fiscal cliff, every move is being magnified by the markets. president obama and house speaker john boehner spoke by phone on tuesday, exchanging new proposals. the president gave boehner a revised offer on monday, reducing his demand for new tax revenue from $1.6 trillion to $1.4 trillion over ten years. boehner responded with a plan that largely sticks to his original offer a week ago. reports say the white house has told republicans it would include an overhaul of corporate taxes in any budget deal. that hasn't been done before. in an exclusive interview with barbara walters of abc news, president obama says he still expects a deal before the end of the year. >> i remain optimistic that there are enough people of goodwill in this town that re
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